Agriculture in India contributes 14% to their GDP and provides 51% of their labour force with work opportunities. The textile industry forms a cardinal part of this agricultural sector and India’s economy. India is the second largest producer of silk and cotton worldwide, they also have a significant share in international wool industry.
Despite this importance, the industry in India is not performing at a required level of efficiency and productivity. There are also constant threats from local as well as international competitors.
Moving forward India needs to improve their profitability by managing costs, reducing waste and improve customer service. They need to update their technology and adopt new practices. More research and investment in technology providers will improve the situation. Once these issues have all been addressed there will be many business opportunities to explored in the future.